ComEd 2006 Annual Report Download - page 369

• for a two-year severance period, continued payment of base salary and continued payment of
annual incentive equal to the executive’s target incentive for the year in which the termination
occurs;
• a benefit equal to the amount payable under the SERP determined as if the severance
payments were paid as ordinary base salary and annual incentive;
• for the two-year severance period, continuation of health, basic life and other welfare benefits
the executive was receiving immediately prior to the severance period, followed by retiree
health coverage if the executive has attained at least age fifty and completed at least ten years
of service (or any lesser eligibility requirement then in effect for non-executive employees); and
• outplacement services for at least six months.
Payments under the Senior Management Severance Plan are subject to reduction by Exelon to
the extent necessary to avoid imposition of excise taxes imposed by Section 4999 of the Internal
Revenue Code on excess parachute payments or under similar state or local law.
The term “good reason” under the Senior Management Severance Plan means either of the following:
• a material reduction of the executive’s salary, incentive compensation opportunity or aggregate
benefits unless such reduction is part of a policy, program or arrangement applicable to peer
executives of Exelon or of the business unit that employs the executive; or
• a material adverse reduction in the executive’s position or duties (other than a change in the
position or level of officer to whom the executive reports) that is not applicable to peer
executives of Exelon or of the executive’s business unit, but excluding any change (1) resulting
from a reorganization or realignment of all or a significant portion of the business, operations or
senior management of Exelon or of the executive’s business unit or (2) that generally places
the executive in substantially the same level of responsibility.
The term cause under the Senior Management Severance Plan has the same meaning as the
definition of such term under the individual change in control employment agreements.
Estimated Value of Benefits to be Received Upon Retirement
The following tables show the estimated value of payments and other benefits to be conferred
upon the NEOs assuming they retired as of December 29, 2006. These payments and benefits are in
addition to the present value of the accumulated benefits from each NEO’s qualified and non-qualified
pension plans shown in the tables within the Pension Benefit section and the aggregate balance due to
each NEO that is shown in the tables within the Nonqualified Deferred Compensation section.
Exelon, Generation and PECO
Name
Cash
Payment
($)
See Note 1
Value of
Unvested
Equity
Awards ($)
See Note 2
Perquisites and Other
Benefits
($)
See Note 3
Total Value of all Payments
and Benefits
($)
(A) (B) (C) (D) (E)
Rowe ....................... $1,642,000 $22,549,000 $975,000 $25,166,000
Skolds ...................... 476,000 6,145,000 — 6,621,000
Young ...................... — — — —
Mehrberg .................... 392,000 5,254,000 — 5,646,000
Clark ....................... 286,000 3,742,000 — 4,028,000
McLean. ..................... — — — —
Crane ....................... — — — —
O’Brien ...................... — — — —
Hilzinger .................... — — — —
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